A new study from Oxford University shows that switching to renewable energy could save $12trillion globally by mid-century.
A new report from Oxford University describes in detail traditional barriers to switching to renewable energy and outlines current trends and market forces. Like no other time in our history has renewable energy been so cheap. Using new economic models, researchers have developed notable cost forecasts for solar energy, wind energy, batteries, and electrolyzers, conditional on deployment.
“Even if you’re a climate denier, you should be on board with what we’re advocating,” Prof Doyne Farmer from the Institute for New Economic Thinking at the Oxford Martin School told BBC News.
“Our central conclusion is that we should go full speed ahead with the green energy transition because it’s going to save us money,” he said.
Researchers analyzed cost data for both fossil fuels and renewable energy. The biggest finding is that the cost of fossil fuels has been relatively steady when counting for inflation and market volatility. While there is less data for renewable energy (fossil fuels have been in use for well over a century while renewables have been around for only a few decades), energy costs have been coming down significantly as technology has improved.
This report is a major development as Annapolis will soon see a cast of new leaders come January. Maryland has been grappling with climate change and a transition to renewable energy for some time now. Most notably has been the adoption of the Climate Solutions Now Act of 2022, which among other things, requires Maryland to have net-zero greenhouse gas emissions by 2045.